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Commerce Paper 2, Nov/Dec. 2007  
Questions: 1 2 3 4 5 6 7 8 9 10 Main
General Comments
Strength
Weakness/Remedies

 

 

 

 

 











Question 1
(a)What is production?
(b)List and explain the three branches of production.
(c)State five functions of an entrepreneur.
_____________________________________________________________________________________________________

observation

Most candidates attempted. the question but some of them .missed out "satisfaction of human wants "or" creation of utilities in definition of production. Question 1B & 1C were answered by the candidates creditably though some mixed up their points. Answers expected from the candidates in question 1 a is as follows:

(a)Production is the creation of goods and provision of services to satisfy human wants/creation of utilities etc.

Cb)Three Branches of production are:
(i)Industry: which is concerned with extracting raw' materials and
changing its forms for human consumption.
(ii)Commerce: Involves the exchange of goods and services
(iii)Direct & Indirect Services: Involves services provided directly or indirectly to customers

OR

(i)Primary production: Involves extractive industry e.g. farming, mining fishing etc.
(ii)Secondary production: Involves manufacturing and construction industries
(iii)Tertiary production: Involves all services including Commerce, direct and indirect services etc.

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